GOLD - still bullish

FX:XAUUSD   Gold Spot / U.S. Dollar
179 0 17
Though we are getting late in this intermediate cycle gold             still looks bullish to me.
Today we are bouncing up from the pennant's upper trendline and the 10 EMA .

The only thing now makes me nervous that MACD crossed down again.
I wouldn't open a new long position here, but I'm holding my long position.
I'm still waiting for at least to tag the 1308 - the 2015. January intermediate high.

For a serious decline we have to break below the 10 EMA on the daily chart .

I think it was a dip today but late bulls are buying it, so we will make a higher high before next week's FED meeting.
It's important to watch the dollar. Tomorrow ECB decision !
If the ECB disappoints the market and the Euro             starts to raise : the falling dollar could help gold             to make the higher high at 1308.
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